Two 'suspended' super projects in Ho Chi Minh City have a chance to 'revive'

Both projects have been directed by the Ho Chi Minh City People's Committee to be reviewed and gradually resolved to ensure compliance with legal regulations and the city's urban development orientation.

Photo caption — Saigon M&C Tower (now IFC One Saigon) is located on Ton Duc Thang Street, Saigon Ward (Ho Chi Minh City).

Accordingly, the project at 34 Ton Duc Thang, Saigon Ward (Nguyen Thai Binh Ward, old District 1), originally named Saigon M&C Tower, was licensed for construction in 2008, with Saigon M&C Real Estate Joint Stock Company as the investor. The project was designed as a complex of office buildings, commercial centers and apartments for rent. The project stopped construction in 2012 and fell into an unfinished state for more than a decade, becoming a "giant concrete block" over the years in the city center.

Recently, the People's Committee of Ho Chi Minh City issued Document No. 8470/VP-DT dated October 15, 2025 and Transfer Receipt No. 2998/PC-VP dated October 10, 2025 to the Department of Construction, Department of Finance and Saigon Ward People's Committee to consider the petition of Ms. Truong My Lan (Van Thinh Phat Group) to continue investing, completing the building and changing the project name to IFC One Saigon.

The Ho Chi Minh City Department of Construction is coordinating with relevant departments, branches and units to appraise the documents and handle them according to their authority, ensuring compliance with legal regulations. Previously, in August 2022, the project was restarted by replacing all the exterior glass of the building, but then continued to stop construction, and to date there has been no significant progress.

About 1km from the IFC One Saigon project, the One Central HCM project (opposite Ben Thanh market) is a large-scale project, including office, commercial - service, apartment, 6-star hotel and hotel office. The project is located on plots 53, 75, map sheets 1 and 15, Ben Thanh ward (old District 1), invested by Bitexco Group LLC according to Construction License No. 100/GPXD dated September 16, 2013 and Adjustment Appendix No. 14132/SXD-CPXD dated November 1, 2019, issued by the Department of Construction of Ho Chi Minh City.

Bitexco then transferred the entire project to Saigon Glory Company Limited. This transfer was approved by the Ho Chi Minh City People's Committee in Decision No. 5210/QD-UBND dated December 10, 2019, thereby partially removing legal difficulties and allowing continued implementation.

Notably, on October 16, 2025, the Ho Chi Minh City People's Committee issued a document allowing adjustments to the investment project, including extending the implementation progress by 48 months for the investor to complete the procedures and continue implementing the project according to the approved plan.

Previously, the City People's Committee also assigned the Department of Construction to guide Saigon Glory Company Limited to complete documents and procedures in accordance with legal regulations to soon restart the project.

According to the Ho Chi Minh City Department of Construction, reviewing and resolving problems of long-standing “suspended” projects is a key task in urban development management. Departments and branches are being assigned to closely coordinate to clearly identify the causes, responsibilities and handling directions for each specific case, ensuring the rights of investors as well as urban order and beauty.

Ho Chi Minh City will strengthen supervision, urging and resolutely reclaim projects that are not implemented as committed, avoiding the waste of land resources in the central area.

Source: https://baotintuc.vn/tp-ho-chi-minh/hai-sieu-du-an-treo-tai-tp-ho-chi-minh-co-co-hoi-hoi-sinh-20251112141457902.htm